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Tue 17 Mar 2020 06:31 PM

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UAE's ZonesCorp attracts $95m new investments so far in 2020

Operator of purpose-built economic zones in Abu Dhabi says investments spread over more than 260 sq m

UAE's ZonesCorp attracts $95m new investments so far in 2020

ZonesCorp, the largest operator of purpose-built economic zones in the UAE, has announced it attracted over AED350 million ($95.2 million) in investments since the beginning of 2020.

Spreading over an area of more than 260,000 square metres, the investments serve a variety of sectors including oilfield services, plastic and automotive, a statement said.

Mohamed Al Khadar Al Ahmed, acting director general of ZonesCorp, said: “We have had an encouraging start of the year with several promising investments that serve all industrial and commercial sectors.

"We will continue our efforts to create an enabling environment to boost further investments across all targeted sectors, especially oilfield services, automotive, food industries, pharmaceuticals, and building materials, among others."

He added: "Our economic zones are home to over 880 industrial establishments operating in a variety of sectors. Since the beginning of the year, the value of investments in new projects across our zones has exceeded AED350 million. This reiterates ZonesCorp’s leading role in driving the economic diversification in the emirate of Abu Dhabi."

ZonesCorp said it has been playing a prominent role in shaping Abu Dhabi’s industrial sector through developing five integrated economic zones covering a total area of 50 sq km in the cities of Abu Dhabi and Al Ain, and building 30 workers’ residential cities with a total capacity of 420,000 workers.

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